Milan Parekh, managing partner of Mercer Street Partners, said in a statement that Corporate Center V was purchased from a private investor. “We’ve been keen on Virginia Beach for some time,” he said. He added that the opportunity “marks our first foray into the Hampton Roads market where we see a lot of potential. We’re pleased to partner with the nation’s largest provider of health care for public programs. We admire their growth and are committed to being strong partners in their continued success.”

The property is located at 4425 Corporation Lane, steps away from Pembroke Mall and the Town Center of Virginia Beach Central Business District. Built between 2003 and 2017, the town center includes more than 800,000 square feet of class A office space, 19 restaurants, 935 apartment units, 412 hotel rooms, and more than 30 shopping and entertainment venues.

Over the past year, Parekh said Mercer Street Partners has made three investments in the Richmond and Hampton Roads markets, including the Virginia Beach office building. “There is considerable demand for well-located, highly amenitized suburban office buildings such as Corporate Center V, and we’re excited about this opportunity,” he said in a statement.